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U.S. plan to save Fannie and Feddie
Proposal would give mortgage finance giants bigger line of credit with Treasury, while allowing government to buy stock to help boost the firms.


U.S. plan to save Fannie and Feddie
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NEW YORK (CNNMoney.com) -- The Treasury Department and Federal Reserve on Sunday outlined a comprehensive government plan to prop up Fannie Mae and Freddie Mac - the two mortgage finance giants that play a crucial role in the U.S. economy.

The Bush administration plans to ask Congress to enact legislation to temporarily increase the line of credit that the companies have with the Treasury. It would also allow the Treasury to buy stock in the companies.

Paulson also said the Federal Reserve should be given a greater role supervising the finances of Fannie and Freddie.

"Fannie Mae and Freddie Mac play a central role in our housing finance system and must continue to do so in their current form as shareholder-owned companies," Paulson said. "Their support for the housing market is particularly important as we work through the current housing correction," he added.

In addition, the Federal Reserve announced Sunday that the mortgage finance companies can turn to the Federal Reserve Bank of New York for funds. The move gives Freddie and Fannie the same access to the funds as commercial banks and Wall Street firms. The agency granted investment banks such access earlier this year in the wake of a similar crisis of confidence.

The comments come at a tumultuous time for the two shareholder-owned companies, which own or back $5 trillion in home mortgages and are counted on to play a central role in the recovery of the battered housing market.

Last week, investor concern that the federal government might have to bail out Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500) sent their stock shares plummeting. The selloff left shares of both firms down more than 45% for the week and about 75% for the year.

Provide crucial finance to housing markets
Fannie and Freddie provide a crucial source of funding for banks and other home lenders, especially since a credit market crisis last summer left them the only major players in packaging pools of mortgage loans into securities for sale to investors.

If they were unable to do so, it would significantly raise the cost and restrict the availability of mortgage loans, causing significantly more problems for already battered housing prices and sales. That in turn would be another significant problem for the overall U.S. economy, as well as global credit markets.

The extent of their troubles is in debate. Several analysts and a former Federal Reserve governor have said the two companies desperately need to raise money to continue their business of buying and guaranteeing home mortgages.

Others, including Fannie and Freddie, their regulators, some Wall Street analysts, and Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee, have defended the strength of the two companies.

"What's important are facts - and the facts are that Fannie and Freddie are in sound situation," Dodd said on CNN's Late Edition on Sunday. "They have more than adequate capital. They're in good shape."

Fannie and Freddie both said in statements on Friday that they have the capital they need to operate and to meet targets required by regulators.

"In fact, we have more core capital, and a higher surplus over our regulatory requirement, than at any time in this company's history," said Fannie's statement.

In its statement, Freddie too said it had enough money on hand to operate. "The preliminary indications of our expected financial performance for the second quarter, while reflecting the challenges that face the industry, do not point to an immediate need to raise additional capital."

Fonte CNN Money
http://money.cnn.com/2008/07/13/news/ec ... 2008071318

[Clinico]

- Duma maneira ou de outra a crise do Freddie e companhia vai-se resolver?
- Israelitas e palestinianos á beira de (mais) um acordo?
Realmente há uma onda positiva no ar...
Abraço
Clinico

[charles]

De acordo estava tenho estado a ver e a recuperação após o fecho de sexta tem sido em forte alta, esta semana acho que me posicionei bem na sexta visto ter entrado longo no NDX, vamos ver amanhã durante o dia.

A subir perto de 1% .

Cumpt

[Elias]

Os futuros EUA abriram a subir quase 1%.

Não é habitual isto acontecer quando é retomada a negociação ao domingo à noite.

Saiu algum dado relevante que possa justificar este súbito interesse comprador?

1 abr
Elias